SpaceX IPO Siphons Capital From Crypto as ETF Outflows Hit Record

SpaceX is on the cusp of the largest IPO in history, and the same household capital that bought the October crypto rally is now being asked to fund it. The $75bn Nasdaq listing on June 12, ticker SPCX, is allocating as much as 30% to retail, the same retail that has been bleeding out of US spot Bitcoin ETFs for 13 straight sessions. The pull is showing in market data: BNP Paribas expects $50bn in retail liquidations from positions including Bitcoin and AMD to fund the deal, per a recent analyst note.

Bitcoin trades near $63,800, down 27% year-to-date. XRP sits at $1.172, 67% below its $3.55 yearly high. Crypto is not in freefall, but the liquidity that would normally hunt the next leg of the cycle is being vacuumed into a single equity trade.

The Biggest IPO in History Targets a $1.75 Trillion Valuation

SpaceX filed an S-1 setting $135 per share ahead of a planned Nasdaq debut on June 12 under the ticker SPCX. The suggested price lifts the company’s implied valuation to roughly $1.75 trillion, per the S-1 setting $135 a share and a roughly $1.75tn valuation.

The $75bn target raise would eclipse the IPO record held by Saudi Aramco’s $25.6bn 2019 listing. Banks stopped taking orders from institutional investors at 4pm New York time on June 10 ahead of pricing June 11. The deal was reported at about two times oversubscribed with roughly $150bn in demand. Up to 30% of the offering is being allocated to retail.

SpaceX 2025 revenue was $18.6bn against a $4.9bn net loss. Q1 2026 brought in $4.7bn of sales with a $4.3bn net loss. The balance sheet shows $102bn in assets and $60.5bn of debt. The losses are amplified by the xAI merger completed earlier this year, which folded Musk’s AI venture into the rocket company.

There is no doubt the valuation is incredibly rich.

Samuel Kerr, head of equity capital markets research at Mergermarket, on the BBC, added that SpaceX is being valued on future earnings and revenue rather than current results, which some investors are willing to accept.

Capital Is Already Leaving Crypto

BNP Paribas expects $50bn in retail liquidations from positions including Bitcoin and AMD to fund the SpaceX IPO, per the $50bn retail liquidations estimate from BNP Paribas. Retail is expected to make up 30% of the deal, per the same note. The same dollar of household risk capital cannot buy SPCX and BTC at the same time, and the wider AI IPO wave that is also pulling capital from digital assets is making the bid more competitive.

Bitcoin trades near $63,800, down 27% year-to-date. XRP sits at $1.172, 67% below its $3.55 yearly high.

Crypto’s pain is not uniform. It tracks the assets with the most retail concentration. Bitcoin ETF outflows and broader altcoin weakness began weeks before the IPO price range was published. Reddit’s r/investing lit up with a thread titled ‘Bitcoin Investors Are Rage Quitting’ as long-time crypto bulls began offloading BTC.

The S-1 disclosed SpaceX itself holds 18,712 BTC at a fair value of $1.29bn as of March 31, 2026, per the S-1 disclosure of 18,712 BTC at a $1.29bn fair value. The disclosure lands as a TradFi allocator is about to buy the stock anyway. For every pension fund or macro manager that swaps Bitcoin ETF exposure for SPCX, the rotation is fully priced in.

A Record Bitcoin ETF Outflow Streak

US spot Bitcoin ETFs recorded 13 consecutive sessions of net outflows from May 15 to June 3, totaling roughly $4.4bn, per the 13-day $4.4bn outflow streak and the ether ETF reversal. The streak was the longest since the products launched in January 2024. Ether ETFs ended a 17-day outflow streak on June 4 with a $19.30m net inflow.

Total Bitcoin ETF AUM fell to $80.40bn from $104.29bn at the start of the streak. The flow picture on June 4 was thin: $3.05m net, with BlackRock’s IBIT taking in $47.66m while Fidelity’s FBTC, Bitwise’s BITB and Ark’s ARKB all bled. Bitcoin traded at $63,800 on June 4 after touching $64,660. The modest green did not come close to offsetting the multi-day drain.

• $4.4 billion – total US spot Bitcoin ETF outflows, May 15 to June 3, 2026
• 13 – consecutive sessions of net outflows, the longest since launch
• $80.40 billion – total US spot Bitcoin ETF assets under management after the streak
• $104.29 billion – AUM at the start of the streak
• $19.30 million – net inflow into US spot ether ETFs on June 4, ending a 17-day streak

Why a TradFi Megadeal Pulls Liquidity From Digital Assets

The arithmetic is the simplest part: 30% retail on a $75bn raise means $22.5bn of household demand absorbed by one stock, per the reported $150bn in demand and 30% retail allocation. Add the institutional share, the lock-up tail, and the option chain, and the deal consumes risk capital at a scale the crypto market has rarely had to absorb from a single trade. A $75bn absorption is not a market-cap move for Bitcoin, but it is a market-cap move for a long list of altcoins. The funding pool is the same pool that bought Bitcoin ETFs in October and the spot ether ETFs that have been bleeding since mid-May.

Michael Saylor, the MetaMask team, and BNP Paribas analysts are all making the same argument. Per a MetaMask note on the AI IPO wave, roughly $400bn of AI buildout was funded in six months while Bitcoin ETFs saw $4bn of outflows since May 14. The capital pool is the same; the allocation decision changed.

The S-1’s other disclosures reinforce the case. The filing disclosed 18,712 BTC at fair value of $1.29bn as of March 31, 2026, more than double the ~8,285 BTC onchain trackers had estimated. A $920m-a-month Google cloud deal disclosed before the listing pulls the AI-narrative case even tighter.

SUI’s Real-World Adoption Story Is the Outlier

SUI climbed 50% in the seven days through May 11, from $0.94 to a high of $1.41, settling near $1.31, per the Binance Square write-up on the 50% weekly SUI rally. The move was driven by three reinforcing catalysts that had nothing to do with the SpaceX trade. Trading volume climbed from $213m to over $2.5bn across the same window. SUI’s run shows a token can still attract fresh capital when the narrative is concrete.

SUI Group Holdings, a Nasdaq-listed firm, staked its entire 108.7m SUI treasury, removing 2.7% of circulating supply from the market. Sui co-founder Adeniyi Abiodun announced zero-fee stablecoin transfers and plans for private transactions at Consensus 2026. Nigerian payments processor Paga, which handled $11bn in 2025, said it would use Sui’s native USDsui stablecoin for cross-border transfers.

• SUI Group Holdings staked its full 108.7m SUI treasury, removing 2.7% of circulating supply.
• Mysten Labs co-founder Adeniyi Abiodun announced zero-fee stablecoin transfers and a private transaction feature at Consensus 2026.
• Paga Group said it would use USDsui for cross-border African transfers, including high-yield USD accounts and tokenized real-world assets.

Stablecoin Politics Tilts Capital Toward Equities

The Senate Banking Committee approved the Digital Asset Market CLARITY Act 15-9 on May 14, 2026, per the 15-9 Senate Banking Committee vote on the CLARITY Act. A compromise brokered by Republican Thom Tillis and Democrat Angela Alsobrooks bars crypto firms from issuing rewards on stablecoin balances “economically or functionally equivalent” to interest-bearing bank deposits. Two Democrats, Alsobrooks and Ruben Gallego of Arizona, joined the panel’s 13 Republicans in supporting the bill. It now heads to the full Senate, where it needs 60 votes.

For years, the digital frontier was trapped in a regulatory gray zone.

Senate Banking Committee Chair Tim Scott, R-SC, in remarks Thursday after the 15-9 vote.

Banking trade groups said the bill should tighten the prohibition on interest-like rewards further. The trade groups warned that stablecoin offerings could draw bank deposits and threaten local lending without stronger guardrails. Senator Elizabeth Warren, D-MA, said “Nothing made it into this bill that wasn’t approved by the crypto industry.” For a pension fund or macro allocator weighing compliance headaches, a regulated equity with a clean legal wrapper looks simpler than a token caught in the rulemaking.

Onchain Markets Build Their Own SPCX Trade

The same week the books close, three distinct onchain markets are building exposure to SPCX. Each one represents a different way to trade the listing without a brokerage account.

On Hyperliquid’s HIP-3 builder market, a pre-IPO SPCX perpetual auto-converts to a standard SPCX perp at listing. The contract has accumulated over $215m in open interest and $2.2bn in cumulative volume across Hyperliquid, Coinbase, and Binance. The mark is trading around $155, pricing in a roughly 15% day-one pop above the $135 IPO price.

Ondo Global Markets will offer tokenized SPCX the same day it lists on Nasdaq, per the pre-IPO perp, tokenized SPCX, and Polymarket market breakdown. The platform, accessible via MetaMask Swaps on Ethereum mainnet, already crossed $1bn in TVL in under eight months. On Polymarket, three SpaceX outcome markets have drawn over $33m in trading volume. The market prices a 95% probability that the closing valuation lands between $1.75tn and $2tn.

Capital is not just leaving crypto for the listing; it is also flowing through crypto to access the listing. The basis between perp, tokenized, and common stock will be the cleanest read on whether the onchain access points converge to the Nasdaq print on June 12. For now, the data trail is continuous from pre-IPO to post-IPO across the same venues, per the MetaMask note on auto-transition.

Frequently Asked Questions

When does the SpaceX IPO price and start trading?

SpaceX is expected to price on June 11, 2026, after the New York market close, and begin trading on Nasdaq on June 12, 2026, under the ticker SPCX. Books closed for institutional orders on June 10 at 4pm ET.

How much is SpaceX raising at the IPO?

The deal is targeting $75bn at $135 per share, a figure that would top Saudi Aramco’s $25.6bn 2019 listing as the largest IPO on record. The offering was reported as about two times oversubscribed with roughly $150bn in demand.

How is the SpaceX IPO affecting Bitcoin and crypto markets?

BNP Paribas expects $50bn in retail liquidations from positions including Bitcoin and AMD to fund the deal. US spot Bitcoin ETFs recorded 13 consecutive sessions of net outflows from May 15 to June 3, 2026, totaling roughly $4.4bn. Bitcoin trades near $63,800, down 27% year-to-date, while XRP sits 67% below its $3.55 yearly high.

Is SpaceX itself holding Bitcoin?

Yes. The S-1 disclosed 18,712 BTC at a fair value of $1.29bn as of March 31, 2026, more than double the ~8,285 BTC onchain trackers had estimated.

Can investors buy SpaceX stock through crypto platforms?

Ondo Global Markets plans to offer tokenized SPCX the same day it lists on Nasdaq, accessible via MetaMask Swaps on Ethereum mainnet with USDC and self-custody. Pre-IPO SPCX perpetuals on Hyperliquid auto-convert to standard SPCX perps at listing, and Polymarket hosts outcome markets on the closing valuation.